test practice 7 - CHAPTER 8-CONSOLIDATED TAX RETURNS...

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122. award: 0 out of 0 points What would be included in a consolidation worksheet entry for 2011? Debit treasury stock, $135,000. Credit treasury stock, $135,000. Debit treasury stock, $150,000. Credit treasury stock, $150,000. Debit common stock, $150,000. references 123. award: 0 out of 0 points Compute the amount allocated to trademarks recognized in the January 1, 2011 consolidated balance sheet. $80,000. $100,000. $76,000. $16,000. $-0-. references 124. award: 0 out of 0 points What is the 2011 consolidated net income for Whitton and Jones companies? rev: 07_26_2011 $199,000. $190,000. $185,000.
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$184,000. $176,000. references 125. award: 0 out of 0 points Compute the noncontrolling interest in net income for 2011. $11,000. $10,800. $9,000. $8,200. $7,200. Tower Company owns 85% of Hill Company. The two companies engaged in several intra-entity transactions. Each company's operating and dividend income for the current time period follow, as well as the effects of unrealized gains. No income tax accruals have been recognized within these totals. The tax rate for each company is 30%. 126. award: 0 out of 0 points Compute accrual-based consolidated net income. $280,000. $245,000. $200,000. $255,200. $290,200. references
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127. award: 0 out of 0 points What is the tax liability for the current year if consolidated tax returns are prepared? $55,560. $70,350. $60,000. $73,500. $84,000. references 128. award: 0 out of 0 points Using percentage allocation method, how much income tax expense is assigned to Hill? $21,000. $24,000. $20,400. $17,400. $0. references 129. award: 0 out of 0 points Under the separate return method, how much income tax expense will be assigned to Hill? $24,000. $22,857. $24,874.
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$21,874. $21,000. White Company owns 60% of Cody Company. Separate tax returns are required. For 2010, White's operating income (excluding taxes and any income from Cody) was $300,000 while Cody reported a pretax income of $125,000. During the period, Cody paid a total of $25,000 in cash dividends; $15,000 (60%) to White and $10,000 to the noncontrolling interest. White paid dividends of $180,000. The income tax rate for both companies is 30%. 130. award: 0 out of 0 points Compute Cody's income tax expense for 2011. $33,000. $34,500. $37,500. $30,000. $22,500. references 131. award: 0 out of 0 points Compute Cody's undistributed earnings for 2011. $62,500. $125,000. $87,500. $100,000. $70,000. references 132. award: 0 out of 0 points
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Compute the income tax payable by White for 2011. $93,600. $91,350. $94,500. $90,900. $90,000. Compute White's deferred income taxes for 2011. $6,000.
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This note was uploaded on 11/26/2011 for the course ADVANCED A 4110 taught by Professor Fridel during the Spring '11 term at University of Minnesota Duluth.

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test practice 7 - CHAPTER 8-CONSOLIDATED TAX RETURNS...

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